Bank Failure
First City Bank
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Closed December 20, 1985 · Glendale, CA · FDIC Cert #22698.
- Closing date
- December 20, 1985
- Headquarters
- Glendale, CA
- FDIC Certificate
- 22698
- Total assets at closing
- $35.8M
- Total deposits at closing
- $28.8M
- Estimated loss to the insurance fund
- $5.9M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Sterling Bank
Context
On December 20, 1985, regulators closed First City Bank, headquartered in Glendale, CA. At closing, the institution held approximately $35.8M in assets and $28.8M in deposits. The FDIC record names Sterling Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $5.9M.
By assets at closing this is the 1892nd largest of the 3,526 bank failures in the FDIC record, and the 41st of 139 in 1985. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.
Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did First City Bank fail?
First City Bank was closed by regulators on December 20, 1985.
Who acquired First City Bank?
The FDIC record names Sterling Bank as the acquiring institution in the resolution of First City Bank.
How big was First City Bank when it failed?
First City Bank had approximately $35.8M in total assets and $28.8M in deposits at the time of failure.
Other failures in 1985
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1985 | State Bank of Frost | $7.7M |
| Dec 19, 1985 | Princeton State Bank | $18.4M |
| Dec 19, 1985 | Farmers State Bank | $12.5M |
| Dec 19, 1985 | Bank of Panama | $4.4M |
| Dec 19, 1985 | Farmers & Merchants Bank | $3.3M |
| Dec 13, 1985 | The First National Bank in Lincoln County | $32.0M |
| Dec 13, 1985 | Lake National Bank | $19.8M |
| Dec 13, 1985 | The Farmers State Bank of Barry County, Ex | $4.2M |
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